The property involved in the transaction is a development site located at 2604 Richmond Terrace in Staten Island, sold for $1,970,000. The asset comprises 43,666 square feet with a price per square foot of $45. Additionally, the property holds 87,332 buildable square feet, valued at $23 per buildable square foot.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $1,970,000
• Seller: Kenneth Labella
• Buyer: Safe N Lock Storage - Marc Sharinn
• Buyer’s Representative: Stephen Smith & Ben Carlos Thypin - Quantierra
• Seller’s Representative: Michael Welgoss - Moller Realty

Safe N Lock Storage, represented by Marc Sharinn, acquired the property with the assistance of their brokers, Stephen Smith and Ben Carlos Thypin from Quantierra. On the opposing side, the seller, Kenneth Labella, was represented by Michael Welgoss of Moller Realty.

NOTE: Quantierra uses its proprietary database to find deals and when brokering, buyers. Its system is ideal for self-storage deals given the reduction in buildable land since the text amendment requiring a special permit to build self-storage in IBZs was passed.